Question: Question 9 rEAR versus rSIMPLE [ 2 points ] : The First City Bank pays 6 . 6 percent interest, compounded annually, on time deposits.

Question 9 rEAR versus rSIMPLE [2 points]: The First City Bank pays 6.6 percent interest, compounded annually, on time deposits. The Second City Bank pays 6.5 percent interest, compounded monthly. Based on effective interest rates, in which bank would you prefer to deposit your money?

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